Financial Management Tech Tools for Your Small Business

 As a small business owner, you know that every penny counts. It can be a challenge to effectively manage your business's finances. Thankfully, technology can help. There are a number of apps and tools out there that can make tracking your expenses, budgeting, and even filing your taxes a lot easier.

That's why you need the best financial management tech tools to help you improve your company's financial health and keep your books in order.

If you are not sure which tools to use, don’t worry! In this blog post, we have shared some of the best financial management tech tools for small businesses!

First, Learn Why Having the Right Financial Management Tech Tools for Your Small Business Is Essential!

You may be pondering why financial management tech tools are so important for small businesses. After all, you're just a small fry, right?  You are mistaken.

Small businesses account for 99.7% of all businesses in the United States, and they contribute $5 trillion to the economy. That's a lot of money coming from a lot of businesses, and it's only going to keep growing. So if you're one of the small businesses out there looking to make a big impact, you need to make sure you have the right financial management tools in place.

Second, How Do You Choose a Financial Management Tech Tools?

By now, you must be thinking about what features to look for in a financial management tech tool.  Before you shell out any money, it’s important to do some research and get yourself familiar with the different financial technology solutions available in the market.

Start by looking at how user-friendly the interface is, since this will make all the difference when you’re trying to use the tool itself. In addition, you should also make sure it has features like automated payments and record keeping, so that you don’t have to spend time inputting data manually.  Finally, it needs to be ascertained the software comes with helpful customer support. If something goes wrong, it would be great if you could get a friendly, knowledgeable person on the phone, via chat, or via email who can help you troubleshoot your problem promptly.

 Not all software is created equal—so choose wisely before investing!

The Best Financial Tech Tools Every Small Business Owner Should Know Are Listed Below

#1: Accounting Software

 Accounting is a crucial part of every business. There are many  accounting tools with amazing features that are widely available to help entrepreneurs automate mundane tasks. These accounting tools can perform a myriad of tasks, which include expense tracking, automating bills, managing inventory, invoicing, and recurring payments. QuickBooks is one of the leading accounting tools for small businesses to effortlessly manage their business accounting aspects.

#2 Budgeting Tool

Another useful tech solution is a business budgeting tool. If you are not keeping track of your budget, it’s easy to overspend. So, as a small business owner, you should create a realistic budget and stick to it to achieve financial success.  Some accounting tools have an in-built feature for creating budgets; however, if you need a separate, comprehensive budgeting tool, then look for a business planning software like “PlanGuru.” With the right budgeting tool, you'll be able to make sound financial decisions that will benefit your business in the long run.

#3 Payroll Management Tool 

Payroll management software is a vital resource when it comes to handling the finances of your small business. It streamlines the entire process, from creating employee paychecks to tracking hours worked and filing taxes.

Additionally, payroll management software aids in tracking your revenue and expenses. With real-time insights into your business expenses and income, you can make better informed decisions about how, when, and where to allocate your resources, such as when to pay local state taxes or federal payroll taxes, which is essential for any small business owner. Gusto and Xero are among the best payroll management tools, offering intuitive interfaces and comprehensive features that help small businesses grow.

#4 Billing and Invoicing Software

Investing in a billing and invoicing system is among the best methods to streamline financial operations. With billing and invoicing software, it’s easy to automate payments as well as manage a client’s account.  This not only helps to minimize errors and streamline the procedure for you and your clients, but it also makes sure that payments are made on schedule. 

Billing and invoicing software also makes it simpler to keep track of payments and provides in-depth reports you can use to keep tabs on your finances. If you are new to billing software, check out FreshBooks or Xero. FreshBooks is easy to use and scalable billing software with a cloud billing feature that lets small businesses effectively manage complex billing. Additionally, for a quickly growing business, Xero is a perfect billing solution.

#5 Dashboards

Do you find it challenging to keep up with income and cash flow statements? If so, your secret weapon to getting a snapshot of your business’s financial health is the financial dashboard. Financial dashboards gather your business's financial data and show it in a visually appealing format, making it simple for small business owners to understand and improve their finances. LivePlan and Tableau offer an extensive gallery of elements to quickly build your dashboard.

Conclusion

 These are some essential financial management tech tools that can help your small business. If you want to know which financial tool is right for your business, connect with the right financial advisors, make informed decisions, and achieve your business goals in no time! 

Black Swan Consulting Inc. will ensure that you have the right tools in place to  help you effectively manage your finances and keep your company on track! To learn more about financial technologies for small businesses, watch this webinar hosted by the Nevada Women’s Business Center and presented by Sydonie Neysmith, Black Swan Consulting Inc. founder.